Business banking in New Zealand how to open an account, fees and options

Snapshot

You can open a business account in New Zealand once your company is registered and you hold a New Zealand Business Number and an IRD number. The major banks and a few digital providers accept New Zealand businesses, and some accounts carry no monthly fee.

Can a non resident open: Possible, but most banks want at least one New Zealand resident director and apply strict offshore checks.
Typical timeline: Often a few business days for digital providers, longer for the major banks.
Free account available: Yes, some accounts have a no monthly fee option as of 17 June 2026. Verify with the provider.
Most providers: Multiple business accounts

Fees and features as of 17 June 2026Last reviewed 17 June 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

To open a business account in New Zealand you usually need your company registered with the Companies Office, a New Zealand Business Number, an IRD number, and identity documents for the directors and beneficial owners. Digital providers such as Wise Business and Airwallex offer online onboarding for New Zealand businesses, while the major banks may ask a signatory to verify in person. Fees and eligibility shown as of 17 June 2026.

How business banking works in New Zealand

New Zealand business banking splits into two broad groups. The major banks, ANZ, ASB, BNZ, Westpac and Kiwibank, offer transaction accounts, lending and branch access. Digital providers such as Wise Business and Airwallex focus on multi currency accounts, online onboarding and lower everyday fees. Which group fits depends on whether you value branch access and lending or low cost international payments. Many businesses use one of each.

Who can open a business account

Registered New Zealand businesses can open an account, including sole traders, companies, partnerships and charities. Most providers require a New Zealand Business Number, and companies must be on the Companies Register. Banks apply the Anti Money Laundering and Countering Financing of Terrorism Act, so they verify directors and any beneficial owner who holds at least 25 percent, and they ask about the nature of the business and source of funds.

Traditional banks compared with neobanks

The major banks suit businesses that want lending, cash handling and branch support. Digital providers suit businesses that send and receive money across currencies and prefer to manage everything online, though cash handling and some services may be limited. Compare current fees and features before you decide, because terms change.

Requirements and documents

Documents vary by provider and by business structure. A typical application asks for the following, as of 17 June 2026. Verify with the provider

A New Zealand Business Number, plus your Companies Office registration if you are a company.
An IRD number for the business, and GST registration if you are registered for it.
Identity and address documents for each director and beneficial owner, such as a passport or driver licence.

How to open an account

Register your company with the Companies Office, obtain your New Zealand Business Number, and apply for an IRD number.
Choose a provider and gather identity and address documents for the directors and beneficial owners.
Apply online or in branch, complete identity verification, then confirm current fees and terms with the provider before you fund the account.

Compare business accounts available in New Zealand

These providers accept business customers in New Zealand. Fees and eligibility shown as of 17 June 2026. Confirm current terms with the provider before applying.

Compare business accounts →

Questions about business banking in New Zealand

Can a non resident open a business account in New Zealand?

It is possible, but expect more checks than a resident faces. The business usually needs a New Zealand Business Number and an IRD number, most banks want at least one New Zealand resident director, and offshore owners face strict identity and source of funds checks under the AML/CFT Act. Verify current rules with the provider, as of 17 June 2026.

Do I need a New Zealand Business Number and IRD number to open a business account?

Most banks ask for a New Zealand Business Number and an IRD number once your company is registered with the Companies Office. There is also a known catch for offshore persons, where an IRD number can require a New Zealand bank account, though a 2025 bill gives the Commissioner some discretion. Confirm the current position with the provider and Inland Revenue.

Is there a business account with no monthly fee in New Zealand?

Yes. As of 17 June 2026, Wise Business charges no monthly fee, with a one off NZ$40 to set up the account and its details, and Airwallex offers a NZ$0 a month Explore tier. Some major bank transaction accounts also have low or conditional fees. Confirm current fees with the provider.

How long does it take to open a business account in New Zealand?

Digital providers can verify within a few business days once documents are uploaded. The major banks can take longer, especially where an in person check or a resident director is required. Timelines shown as of 17 June 2026.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 17 June 2026. Confirm current terms with the provider before applying.